Agenda Item Cover

On October 16, 2018, the School Board declared approximately .39 acres +/- of vacant land on the Edison Elementary School as surplus property. A contract for sale and purchase was approved on that date for $51,300. After a property survey of the land was conducted, the final acreage to be conveyed was confirmed as slightly larger than estimated and the final purchase price was increased to $61,300. Prior to closing on the property, a partial release of the Memorandum of Ground Lease associated with Certificate of Participation Bonds must be approved on the portion of the land to be sold. The bonds were associated with the media center construction at Edison which will not be impacted by the sale of this land.


DATE:	Tuesday, March 12, 2019
TO:	School Board Members
FROM:	Jeff Eakins, Superintendent
SUBJECT / RECOMMENDATIONS
Approve a Partial Release of the Memorandum of Ground Lease related to Certificate of Participation Bonds at Edison Elementary (Operations Division)
EXECUTIVE SUMMARY
On October 16, 2018, the School Board declared approximately .39 acres +/- of vacant land on the Edison Elementary School as surplus property. A contract for sale and purchase was approved on that date for $51,300. After a property survey of the land was conducted, the final acreage to be conveyed was confirmed as slightly larger than estimated and the final purchase price was increased to $61,300. Prior to closing on the property, a partial release of the Memorandum of Ground Lease associated with Certificate of Participation Bonds must be approved on the portion of the land to be sold. The bonds were associated with the media center construction at Edison which will not be impacted by the sale of this land.
STRATEGIC OBJECTIVES
• Demonstrate "best practices" in all aspects of safety: student, employee, visitor, facility, transportation, and health • Construct and maintain facilities that create an environment conducive to teaching and learning
FINANCIAL IMPACT (Budgeted: No)
There is no financial impact related to the partial release of the memorandum of ground lease.
EVALUATION

SUBMITTED BY: Lorraine Duffy Suarez, General Manager, Growth Mgmt. & Planning

		Christopher Farkas
		Deputy Superintendent, Operations (813) 272-4004
		B 7.01
Hillsborough County Public Schools (Florida) * Mtg.#20190312_919 (Board Meeting) * Section B Item# 7.01